The Schweighofer Group, one of the leading European woodworking companies, makes a strategy change and sells its subsidiary Cascade Empire S.R.L. (Cascade Empire), as well as the Forest Management Division, Ocol Silvic Cascade Empire S.R.L., to the Swedish GreenGold Group.
The Contracting Parties have decided not to disclose the transaction value and contractual details. The forests owned by Cascade Empire amounted to 14,283 hectares, located in the counties of Hunedoara, Gorj, Vrancea, Prahova, Buzau, Neamt and Suceava.
Cascade Empire acquired these forests between 2003-2011 and currently has a team of 19 employees, including forest management division staff. The entire team will be taken over by the new owner.
Holzindustrie Schweighofer entered the Romanian market in 2003, and today, the company operates in Romania three timber factories and two factories producing wooden panels with a total of approx. 3,100 employees.
In early 2017, Holzindustrie Schweighofer implemented a comprehensive action plan to combat illegal cuts and to support the development of a sustainable wood industry in Romania. The company invested EUR 1 million in strengthening the security of its supply chain. An important pillar of this action plan is the Timflow system, a unique GPS tracking system that monitors bus logs from the loading point to the factory gate. Currently 800 trucks from 500 transport companies have been equipped with the Timflow system. In the first 11 months since implementation, 280 users registered on the Timflow portal accessed shipping data 5,200 times.